The Drill Down
Monday 25 May 2026 · Part 1
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Presented By
ASX: TM1
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Australia's Next Major PGM Discovery
Terra Metals' Dante Project hosts large-scale Bushveld-style copper-PGE sulfide reefs just 15km from BHP's $1.7Bn Nebo-Babel development. With world-class polymetallic mineralisation from surface and strong metallurgical outcomes, Dante is rapidly emerging as Australia's next major PGM system.
Explore the Discovery
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Lead Insight
Burkina Faso Moves to Reclaim Mining Wealth With New State-Backed Sovereign Fund
Burkina Faso's Council of Ministers has formally established the Fonds souverain minier d'investissements du Burkina Faso (FSMIB), named "Siniyan-Sigui," a sovereign mining investment fund designed to capture windfall revenues whenever mineral prices exceed government-set benchmarks. First capital deployments are planned for 2027, targeting strategic infrastructure and industrial development. The move follows the nationalisation of five gold assets from Endeavour Mining and Lilium, and an April 2026 decree raising the state's minimum ownership in industrial mines from 15% to 40%.
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Our Take
Nationalisation, a 40% mandatory state stake, and now a sovereign windfall fund. Burkina Faso is building the full resource nationalism toolkit in under two years. Foreign operators in the Sahel are being repriced for sovereign risk in real time, and the playbook is spreading to neighbours.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,510
-0.74%
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Silver
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$76
-1.47%
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Platinum
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$1,929
-1.29%
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Palladium
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$1,341
-3.61%
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Base Metals & Commodities
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Copper USD/lb
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$6.40
+0.58%
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Nickel USD/lb
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$8.55
+0.68%
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Zinc USD/lb
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$1.61
+0.65%
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Lead USD/lb
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$0.91
+0.42%
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WTI Crude USD/bbl
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$91.52
-5.26%
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Prices updated as of 25 May 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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High Tide Resources Corp
Outlined its most ambitious field season to date at the Labrador West Iron Project, including 5,000-7,500m of core drilling, metallurgical test work and a Preliminary Economic Assessment. The programme runs in parallel with environmental baseline studies to support regulatory submissions.
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Revival Gold Inc
Adopted a shareholder rights plan requiring unsolicited bids to remain open for at least 105 days and secure tenders from over 50% of independent shareholders. The poison pill signals the board sees the stock as undervalued relative to its Mercur and Beartrack-Arnett gold assets in the US.
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Rev Exploration Corp
Arranged a $4 million strategic private placement with Eric Sprott at $0.95 per unit with $1.20 warrants. Proceeds will accelerate drilling at the company's helium and natural hydrogen properties in Montana and southern Alberta.
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Churchill Resources Inc
Disclosed data compilation discrepancies in its March 18 Frost Cove antimony drill results. Validated assays confirmed that the mineralised intervals do not support the broader composite intersections previously reported, representing a material correction of earlier results.
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Viscount Mining Corp
Announced the mobilisation of Rosor Exploration for the next phase of field work. The selloff suggests the market was expecting a more material catalyst from the company.
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Scorpio Gold Corporation
Reported drill results of 2.68 g/t gold over 11.34m along the Zanzibar Trend at the Manhattan District in Nevada. The market reaction suggests the grades fell short of expectations for the project at this stage.
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Market data as of 25 May 2026, 9:06 am AEST
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This Week's Poll
How much would you pay per month if The Drill Down wasn't free?
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This Week's Research
Q3 FY26 ASX Producer Recap
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Twelve mid-tier ASX gold producers, one commodity environment and the spread between best and worst AISC is now wider than the gold price was 18 months ago. That dispersion is the story. Inside: the five Tier-1 calls, the bond market re-opening for lithium, the US$110/kg policy floor decoupling Lynas from China spot, and the Q4 catalyst calendar.
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Partner Spotlight
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The right shareholders don't find you. You find them.
Cashu Group delivers independent equity research and targeted investor marketing for ASX-listed resource companies. The coverage that builds conviction, and the reach to make it count.
Find Your Shareholders
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Today's Stories
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ASX Announcement
Evion Independently Confirms High-Grade Fluorspar Assays at Carp Project, Nevada
Evion has independently verified high-grade fluorspar mineralisation at the Carp Project in Lincoln County, Nevada, with 14 of 25 surface samples returning assays from 49.83% to 88.15% CaF₂ across multiple historically producing pit areas. Fluorspar is classified as a US critical mineral essential to steelmaking, uranium conversion, semiconductors and lithium-ion batteries, with no meaningful domestic production and heavy reliance on imports from China and Mexico.
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Our Take
88% CaF₂ from surface samples at a past-producing site in Nevada is exactly the kind of near-term domestic supply story the US critical minerals agenda needs. Zero domestic production and total import dependency from China and Mexico makes the strategic case obvious.
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Bloomberg
Egypt Eyes First Aerial Survey in 40 Years to Map Mineral Riches
Egypt has launched its first comprehensive aerial geophysical minerals survey in 42 years, contracting Spain's Xcalibur Smart Mapping to cover six key geological regions including the Eastern Desert, Sinai and the Western Desert. The survey will build a high-resolution geophysical database to underpin future mining licence rounds and foreign investment. Egypt aims to raise mining's contribution to GDP from approximately 1% to 6% by 2030, with estimated gold reserves already exceeding 9 million ounces.
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Our Take
A 42-year data gap means Egypt is essentially an unexplored frontier by modern standards. The 1% to 6% GDP target is ambitious, but the geological endowment is credible.
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Mining.com
Nature Energy Buys 39% Stake in Kazakh Miner ERG
Nature Energy has acquired a 39% stake in Eurasian Resources Group, one of Kazakhstan's largest diversified mining and metals conglomerates, with assets spanning copper, cobalt, aluminium, and iron ore across Central Asia and Africa. ERG confirmed all operations are continuing as normal following the ownership change. The transaction represents a significant shift in the shareholder structure of a major critical minerals producer.
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Our Take
ERG's footprint across copper and cobalt makes this a strategically loaded transaction, and the identity and backing of the buyer will matter enormously to how the market reads it. Any link to state-adjacent capital, whether Chinese, Russian, or Kazakh, will draw scrutiny from Western governments already reviewing critical mineral supply chain dependencies.
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Nikkei Asia
Japan Reactor Makers Project Record Sales in Nuclear Power Resurgence
Japanese nuclear energy companies are forecasting record sales this fiscal year, driven by domestic reactor restarts, $200 billion in projected US nuclear investment, and the reversal of nuclear phase-out plans across Europe. Japan now has 15 operating reactors after restarting Kashiwazaki-Kariwa Unit 6 in February, with Kansai Electric planning a next-generation advanced reactor at its Mihama site.
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Our Take
Record sales for Japanese reactor makers fifteen years after Fukushima is the clearest signal yet that the global nuclear reversal is real, not rhetorical. For uranium producers, the demand pipeline just got another structural leg underneath it.
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Kamoa Capital
kamoacap.com
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This newsletter is for general information, education & entertainment. Kamoa Capital is not licensed and does not know your circumstances. Nothing here is financial, legal or tax advice — seek professional advice and read any PDS before acting. We aim for accuracy but make no guarantees and accept no liability. Views are opinions only and may include forward-looking statements that may not occur.
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